Obama Team's Stimulus 'Jolt' Nears $1T

(NEWSER) - Barack Obama says he will move quickly once in office to enact an ambitious, two-year plan to save or create 2.5 million jobs, Bloomberg reports. Obama announced his plan in his weekly radio address, where he also warned that “we risk falling into a deflationary spiral that could increase our massive debt even further.” About 1.2 million jobs have already been lost this year, and the trend could continue. More»

Public works, education get plenty of attention in measure

(NEWSER) - House Democrats today introduced a long-awaited stimulus package, developed with President-elect Obama, and totaling $825 billion, the New York Times reports. The economic recovery plan includes billions in tax cuts, Medicare subsidies, and public-education and infrastructure spending. The Senate is developing its own version, and vigorous debate is anticipated as Congress attempts to pass the legislation by mid-February. More»

(NEWSER) - Congressional Democrats are looking to fast-track a $600 billion economic stimulus package in the first weeks of the New Year, the Washington Post reports. Nancy Pelosi said today lawmakers are working with the Obama transition team to craft the plan, which is smaller than the $1 trillion scheme floated earlier. The stimulus will likely include $200 billion in tax breaks and $400 million in infrastructure spending. More»

May quickly provide infrastructure funding; states want $136B

(NEWSER) - President-elect Obama pledged today to approve billions in government expenditures on public works projects when he assumes office, the New York Times reports. Invoking Eisenhower’s Interstate program, Obama said “we will create millions of jobs,” possibly by funding some or all of $136 billion in infrastructure projects already approved by state governments. More»

But problem may be too big to fix

(NEWSER) - As he announced the appointment of Alan Krueger yesterday, President Obama promised a speech outlining his new jobs agenda next week—but behind the scenes, Obama and company haven’t actually agreed on that agenda yet, the Washington Post reports. The president is considering a number of options, including a tax credit for companies hiring new workers, an infrastructure bank, clean-energy tax cuts, and revamping the unemployment system so that it pays companies to hire out-of-work people. More»